EDWARD MAYESTRUST FINANCIAL STATEMENTS For the year ended 31 December 2024 Company Reglstratlon Number: 09295352 Company Ilmited by guarantee Registered Charity Number: 1166318
EDWARD MAYESTRUST Financial Statements For the year ended 31 December 2024 Contents Page Members of the Board and Professional Advisers Trustees, Annual Report Independent Auditorfs Report to the Trustee5 9-12 Statement of Comprehensive Income 13 Statement of Changes in Reserves 14 Statement of Financial Position 15 Statement of Cashflows 16 Notes to the Financial Statements 16-26
EDWARD MAYESTRUST Members of the Board and Professional Athiisers Year ended 31 December 2024 Company Number: 09295352 Charity Number: 1166318 Registered Office: Mayes Gardens Harrison Street Ancoat5 Manchester M4 7FN Trustees.. Mr J Sandford Mr5 1 Winterbourne Ichairl Mr l Louden Ms P Cotterill Mr J Picketi Mr E Stelfox Ms L Everton Mr T Robinson (Nominee of the City of Manchester) Mr R Saffer Audltor.. Mitchell Charlesworth IAuditl Limited Chartered Accouniants Statutory Auditor 3, Floor 44 Peter Street Manchester M2 5GP 8ankers'. National Westminster Bank plc Spinningfields Square 182 Dean5gate Manchester M3 3LY Investment ManaBers: Evelyn Partner5 Royal Liver Building Pier Head Liverpool Mersey5ide L3 INY
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2024. Reference and administrative details Reference and administrative details are shown in the Members of the Board and Professional Advisers on page 2 of the Financial Statements. The Trustees The Trustees who served the tharity during the period were as follows.. Mr I Sandford Ichairrnanl Mrs J Winterbourne Mr l Louden Ms P Cotterill Mr I Pickett Mr E Stelfox Ms L Everton Mr T Robinson (Nominee of the City of Manchester) Mr R Saffer Introductlon The Charity of Edward Mayes was founded in 1635 in accordance with the terms of his will dated 7 May 1621. Strurture& 8ovemance and rnana8ement GovernSn8 document and legal status The Edward Mayes Trust is a re8lStered charity with the Charity Commission. The 8overnin8 instrument is the Scheme of the Charity commissioners dated 12 December 2017. The Trust re8lStered as a Social Housing Provider in 2013. The Charity is also a Limited Company. limited by guarantee. incorporated in England and Wales. Appolntment olThe Board There should be three nominated Directors and between five and eight co-opted Directors. The nominated Directors must be appointed by Manchester City Council in accordance with the ordinary practice of the council for a period of four years, or if the appointrnent is bein8 made to fill a casual vacancy, the unexpired term of the appointee's predecessor. The appointment of a co-opted Directors must be made by the Board at a special meeting called by the Chair or any two Directors giving at least four days. notice. Each co-opted Director must be appointed for a term of four year5. Or8anisation The Board of Oirectors (which must have between eight and 11 mernbers including the Chairl. administers the Charity. The 8oard meets approxirnately 51X times per year arbd there 15 a sub-committee that covers the investment pc>rtfolio management. A Manager is appointed by the Board to manage the day-to-day operations of the Charity and a Scheme Manager is employed to provide a front-line housing service to the SIdents.
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 Risk management The Trust regularly reviews its risk register which a5515ts the Board in identifying threats to the Trust and recommendations to mitigate any threats. Re5eryes The Trust seeks tts retain sufficient reserves w thatthe intome from the inve5tment5 that back the reserves is sufficient to maintain the Trust's property and provide for the expense5 of the Charity. The aim is to make sure that the Trust is sustainable in the lon8-term. The 8eneral reserves are effectively a sinking fund to be used for major upgrades and development of the Trust's property. Grants It is the policy of the Trust to make 8rant5 to other qualifying charitable institutions having re8ard to the financial situation of the charity. Oblectlves and actlvltles The Edward Mayes Trust aims to provide older people with an independent lifestyle in a carin8 and supportive environment. The principal activities of the Edward Mayes Trust are as follows.. al The provlslon of houslng atcommodatlon for beneficiarles.. and bl Such charitable purposes for the benefit of the residents as the 8oard decide. The 8oard also has the power to use income for the relief of those in need in accordance with the provisions of the s¢heme mentioned above. The Trust provides its beneficiaries with affordable. good qualily. supported housing which is purposely designed to meet the needs of older people in a safe and secure environment. The Trust supports Its beneficiarie5 to live independently with staff available to give advice and assistance to achieve this. The accommodation comprises of retirement bungalows and apartments set in landscaped grounds. Residents benefit from a full maintenance and gardening service and are supported by a Scheme Manager and Director with out of hours support provided by an emer8ency call service. The Board confirm that they have referred to the guidance contained in the Charity Commission's general information on public benefit when reviewing thè Trust's aims and objectives and in planning futuie activities.
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 Achievements and performance Five-year Strategy The Trustees decided that 2024 would be a year of consolidation allowin8 the Trust to consider its lon8er- term strategy. In January 2024. the Trust refreshed and prioritised the Str3iegy to deliver key themes that will move the Charity fonNard creating a stronger and 5U5tainable environment for the future, these being.. Estate- Community,. Support,. Finance.. Governance and Communication. Within these themes are several artions some of which are ongoing that will be more specific. In 2025. the Trust will focus on.. Maintainin8 the current estate to o hi8h standard, including the refurbishment of kitchens and boilers at Mayes Gardens. Completing the Inghams Alms-houses refurbishment project. Progressin8 the Charities Mer8er with the Charity Commission. Developing partnerships lor new opportunities. Increaslng social activities for residents including a hèalth and wellbèing calendai of activities. The Trust wlll eontlnuè to provlde the current level of support and care to resldents and consider their views.. thls wlll be under pinned by a sound and sustainable financial base. Governance Judith Winterbourne was re-elected as Chair of the Board in January 2024. One board member resigned dve to health reasons and work will take place to recruit to this position. A new full-time Director was recruited and appointed in August 2024. The Trust has been working to amal8amate the 6 charities into one charity by Creating a new regulated Scheme. A new scheme proposal has recently been submitted to the Charity Commission. Support for residents and Involvement In artivitles Support for residents continued to be provided by the 2 full time members of staff based at its Mayes Gardens office In Manchester. Occupancy The Mayes Garden èstaie remained lully occupied until August 2024 whèn 5 propèrties became void consècutively. When properties do become empty it is used as an opportunity to undertake refurbishments including upgrades to kitchens, bathrooms and boilers if required. As of January 2025. the estate was fully occupied and continues to be popular housing option for older people. There are range of on& and two-bedroom homes avèilable in secure and peaceful Settings very c105e lo the city centre and with excellerbt transport links. Housing 5UPPOrt is available from staff when required to as515t residents to live independently. New opportunltles The Tru5tee5 decided to continue followin8 a 5UStainable growth strategy but reco8nised the opportunities at the Mayes Gardens site after completion of the last development were very limited. There is an appetite amongst Trustees to use free reserves to carry out a new development if 3 SUlt3ble location can be acquired to build new home5 for beneficiarie5. Due to the success of the Trust in merging with other charities and widening our area of benefit, we will continue to work with the Almshouse Association and financially viable almshouse charities who are seeking a merger and will consider any proposals.
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 The Trust is committed to looking at ways to achieve net zero carbon by 2038 as set out by the Mayor of Greater Manchester. Given the age and size of the properties. and limited site space at Mayes Garden this certainly presents a challenge. This will be a 'fabric first, approach and will start with a retrofit assessment to provide a sound ba515 for future decisions about what is required. Governance and flnanclal vlablllty The Board have reviewed it5 compliance with the Governan and Financial Viability Standard and confirm that it complies with the requirements of the standard for the year. Volue for Money The key strategic objectives are to provide its residents with an independent lifestyle in affordable, quality, supported accommodation. In line with the previous Homes England's Standard and the Financial Regulations. the Trust seeks to achieve value for money on all expenditLJre. In April 2018. the Regulator of Social HousinÈ issued the updated Value for Money Standard. In line with the updated standard the Trust will set appropriate targets and measure performance on a periodic basis. The Trust remains in a sound financial position, maintained through a continued drive towards maximising income and a focus on delivering value for money. The financial governance and management ffamework is strong, evidenced bv varlous audit assessments. Performance against the required Value for Money metrics are set out in the table below.. Metrlc 2024 2023 l. Reinvestment {%} 2. New supply delivered 3. Gearin81%1 1% 4. Earnings before interest. tax. depreciation. amortisation and major repairs IEBITDA MRII- Interest cover % S. Headline social housing Cost per unit Utilities £har8es Roijtine maintenance Planned maintenance Major repairs Community servicès Bad debts Totsl cost Number of units Cost per unit 52.605 69,592 34,377 40,280 11.905 11.450 134,102 50 2.682 86.107 48 1,794 6. Operating margin- social housing 181% 121% 7. Return on Capital Employed IROCEI 2% iii% Metrlcs commentary The Trust has a loan provided by the Almshouse Association which is repayable within five years. The Operating Margin and ROCE are low due to variou5 repair work5 carried out on the properties, arbd legal fees in relation to a planning application.
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 Financial Review Income and Expenditure Set out below is a summary of the year's income and expenditure, together with that of the previous year- Notès 2024 2023 Turnover 359.288 329.183 Operating expenditure 1387,2691 1334.3571 Operatln8 dèfitlt 127.9811 15,1741 Interest receivable and other income 24,736 24,215 13,2451 19,041 Loss on disposal of tangible fixed assets Gain on disposal of investments 44,385 43,055 Unreallsed galn on investments 15.235 30.628 Extraordinary items of income 23 Surplus for the year 56,375 92.724 Statement of TNstees' Responsibilities The Trustees are responsible for preparin8 theTrustees' Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicatiori tsf resources of the tharityforthat period. In prÈparingthese financial Statements. the Trustee5 are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Housing SORP- make jud8ements and accountin8 estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unle5S it is inappropriate to presume that the charity will continue in operation.
EDWARD MAYESTRUST Tru5tees' Annual Report For the year ended 31 December 2024 The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure th31 the financial statements comply with the Charities Act 2011, The Accounting Direction for Social Housing in England 2022 and the provisions of the Trust Deed. They are also re5pon5ible for safeguarding the assets of the Charity and hence fortakin8 reasonable Steps for the prevention and detection of fraud and other irregularities. Audltor Mitchell Charlesworth IAuditl Limited have been re-appointed as auditor for the ensuing year. Trustees, Statement of Dlsclosure of Infomiatlon to the Audltor In 50 far as the Trustees are aware.. there is no relevant audit information of which the Trusys auditor is unaware. and.. The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audSt information and to establish that the auditor is aware of that information. Statement of Compliance The Trustees confirm that this report has been prepared in a¢¢ordan¢e with the principles set out in paragraph 4.7 of the 2018 50RP for Registered Social Housin8 Providers. IGNE ORDE FTHETRUSTEES Mrs I Wlnterbourne Chalr of Trustees 03.06.25 Date MayÈ5 Gardèn5 Harrlson Street Manchester M4 7FN
EDWARD MAYESTRUST Independent Auditorfs Report To the Trustees of Edward Mayes Trust Opinion We have audited the finantial statement5 of Edward MayÈ5 Trust Ithe 'Charitable tompany'l for the year ended 31 December 2024 which comprise the Statement ol Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinonciolReporting Stondord opplicoble in the UK ond Republic of IreltJnd Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: glve a true and fair view of the state of the tharitable tompany's affairs as at 31 December 2024. and of its intomlng re50urce5 and application ol resources, including Its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006, the Housin8 and Regeneration Act 2(K18 and the Accounting Direction for Private Re8lStered Providers of Social Housing in England 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial statements section of our rèport. We are independènt ol the Charitable company in aecordancè with the ethlcal requirernents that are relevant to our audit of the financial staternents in the UK, includin8 the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the 80ing concern basi5 of accounting in the preparation of the financial statements is appropriate. 8a5ed on the work we have performed, we have not identified any material un¢ertainties relatingto events or¢onditions that, individually or collectively, may cast $18nificant doubt on the company's ability to continue as a Boing concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respon5ibilitie5 and the responsibilities of the dirèttors with respect to going concern are dèscribed in the relevant sections of this report. Other Informatlon The board is responsible for the other information. The other information comprise5 the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
EDWARD MAYESTRUST Independent Auditorfs Report To the Trustees of Edward Mayes Trust In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or tsur knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstaternent in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report thai fact. We have nothing to report in this regard. Oplnion5 on other matters prescribed by the Companies Art 21WJ6 In our opln5on. based on the work undertaken in the Course of the audit.. the inforrnation given in the board report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the board report has been prepared in accordance with applicable legal requirements. Matter5 on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatemenis in the board repor¢. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you il, in our opinion.. adequate accounting records have not been kept or return5 adequate for our audit have not been received from branches not visited by us; or the financial statements are noi in agreemènt with ihe accounting records and returns.. or certain disc105ures of directors, remuneration specified by law are not made; or wè havè not received all the information and èxplanations wè require for our audit. or the board was not entitled to prepare the financial statements in accordance with the Small companie5, re8ime and take advantage of the small companies. exemption in preparing the directors. report and from the requirement io prepare a strategit report. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion: a satisfactory system of control over transactions has not been maintained. Re5pon5ibilities of the board As explained more fully in the Trustee's responsibilities statement set out on page 7. the board members Iwho are also the director5 of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material rnisstatement, whether due to fraud or error. 101 Page
EDWARD MAYESTRUST Independent Auditorfs Report To the Trustees of Edward Mayes Trust In preparing the financial statements, the board is responsible forassessing the chafltable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intendsto liquidate thecharitable companyorto cease operations. or has no realistic 31ternative but to do 50. Auditorfs responsibilrties for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement. whether due to fraud of error. and to issue an auditorfs report that includes our opinion. Reasonable a55urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, theycould reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Detèlls of the extent to which the audit was considered capable of detecting irfegularities. including fraud and non- compliance with law5 and regulations are set out below. We identify and assess the risk5 of material misstatement of the financial statements, whether due to fraud or error, and then desi8n and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifyirig and assessing risks of material mi$5tatemenl in respect of iiiegularities, in¢ludin8 fraud and non- compliance with law5 and regulations, we considered the followin8: the nature ol the sector, control environment and business performance; results of our enquiries of management about their own identification and assessment of the risks of irregularltles., any matters we identified having obtained and revjewed the Company's documentation of their policies and procedures relating to.. identifying, evaluating and complyin8 Wlth laws and re8ulations and whether they were aware of any instances of noncompliance,. detectlng and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud., Ihe internal controls established to mitigate risks of fraud or non-compliance with laws and re8ulations', the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to the timing of the recggnition of income. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override and we identified risk in relation to the posting of unusual journals and the manipulation of accounting estimates. We 3150 obtained an understanding of the legal and regulatory framework5 that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Att 2011. the Housing and Regeneration Att 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022. Because of the inherent limitations of an audit, there is a risk that we will not detert all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
EDWARD MAYESTRUST Independent Auditorfs Report To the Trustees of Edward Mayes Trust A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frt.org.uklauditorsresponsibilities. This description forms Part of our auditorfs report. Use of our report This report is made solely to the Charitable tompanws members. as a body. in actordante with Chapter 3 of Part 16 of the Companies Act 2CK)6 and section 137 of the Housing and Regeneration Act 2008. Our audit work ha5 been undertaken so thal we might state to the charitable companws members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone othei than the tharitable company and the charitable company's members as a bodv, for our audit work, for this report. or for the opinions we have formed. Allson Buckley Isenior Statutory Audltorl for and on behalf of Mitchell Charlesworth (Audltl Llmlted 03.06.25 A¢countants Statutory Audltor 3 Floor 44 Peter Street Manchester M2 5GP 121 Page
EDWARD MAYESTRUST Statement of Comprehensive Income For the year ended 31 December 2024 Notes 2024 2023 Turnover 359,288 329,183 Operating expenditure 1387.2691 1334.3571 Operatlng deficlt 127.9811 15,1741 Interest receivable and other income 24.736 24.215 13.2451 19.041 Loss on disposal of tangible fixed assets Gain on disposal of investments 44.385 43.055 Unrealised gain on investments 15,235 30,628 Extraordlnary Items of income 23 Surplus for the year 56.375 92.724 There were no other recognised gains or losses arising in the current or the prior year. The notes on pages 16 to 26 form part of these financial statements 131 Page
EDWARD MAYESTRUST Statement of Changes in Reserves For the year ended 31 December 2024 Restricted Intome and Empenditure Reserve Restricted Capltal Empenditure Reserve Total Balance at l January 2023 2,773,161 410,636 3,183,797 Surplus from statement of comprehensive income 92,724 92,724 Grant5 received I32.5) 32,5fMI Transfer tollfroml feserves 26,231 126,2311 Balance at 31 December 2023 2,859,616 416,905 3,276,521 Balance at l Jarnuary 2024 2.859.616 416,905 3,276.521 Surplus from statement of comprehensive income 56,375 56,375 Grants re¢eived Transfer tollfroml reseNes 26,231 126,2311 Balance at 31 December 2024 2,942,222 390,674 3,332,896 The notes on pages 16 to 26 form part of these financial statements 141 Page
EDWARD MAYESTRUST Statement of Financial Position For the year ended 31 December 2024 Notes 2024 2023 Flxed assets Tangible fixed assets Intangible fixed assets Investments 1,985,996 2,012,759 1.402.309 1,318.597 3.388.305 3,331.356 Currènt atS Trade and other debtors Investments Cash and cash equivalents io li 241,330 9.429 30.338 253,063 18.784 31,306 281.097 303.153 Less.. Creditors.. amounts falling due within one vear 12 142,8131 148,6981 Net current assets 238,284 254,455 Total asset5 le55 current liabilitie5 3,626,589 3,585,811 Creditors.. amounts falling due after more than one year 13 1293.6931 1309.2901 Total net assets 3.332.896 3,276.521 Reserves Restricted income and expenditure reserve Restricted capital expenditure reserve 14 14 2.942.222 390.674 2,833,385 443.136 Total reserves 3.332.896 3,276.521 The financial 5tstements on pazes 13 to 26 were approved by the member5 of the Board and authori5ed for t55ue on 3.06. and are signed on Its behalf by: Mrs I Winterboume Mr l Louden TRUSTEE The notes on pages 16 to 26 form part of these financial statements 151 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Principal accounting policies Company Informatlon Edward Maye5 Trust 15 a private company limited by guarantee incorporated in England and Wales. The registered office is Mayes Gardens. Harrison Street. Ancoats, Manchester, M4 7FN. Basls of atcountlng The financial statements have been prepared in accordance with the Companies Act 2006, applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAPI. the Statement of Recommended Practice.. 'Housing SORP 2018.. Statement of Recommended Practice for Social Housing Providers.. The financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022. Thè finantial statements are prèpared on thè historical cost basis of accounting. èxeept for investments which are intluded at markèt value. and are presented in pounds stèrlirtg. The financial statements have been prepared in compliance with FRS 102. The charity constitutes a public benefit entity as defined by FR$ 102. At the time of approvin8the financial statement5 the Trustee5 have a reasonable expectation that the cornpany has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the golng Concern basis of accounting in preparing the financial statements. Investment assets and Income Investments of the various funds are shown at market value. Profits and losses arising on the sale of investments are dealt with directly through ihe various fund accounts. Income from investments, which Is shown gross, includes dividends and interest on securities #s are due to the Charity during its financial year by the Charity's stockbrokers and its bankers. Changes in the market value of investment assets are shown as unrealised gains or losses. Turnover Turnover represents residents, contributions receivable, grants and donations. 161 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies (continued) Intanglble flxed assets other than goodwlll Intangible asset5 acquired separately from a busine55 are recognised at cost and are subsequently rneasured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combination5 are recognised separatelyfrom goodwill at the acquisition date where it is probable that the expected future economic benefit5 that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. Amortisation is recognised to write off the cost orvaluation of assets less their residual values over their useful lives on the following base5= Website development. Straight line over 3 years FIMed assèts and d*prÈtlatSon Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the expected economic useful lives of the assets. Major components are treated as separate assets nd depre¢iated over their expected useful e¢onomi¢ lives. The followin8 annual rates are applied.. Depreciation is charged on the freehold buildin85 on a component basis, as follow5.' Kitthèn fittings, tiles. vinyl Internal doors, joinery, hollow partitions Common stalrs Bathroom fittings, wall tiles, vinyl 5% straight line S% straight line 2% straight line 5% straight line 5% straight line 4% 5trai8ht line 6.67% straight line 2% straight line 4% straight line 2% straight line 4% straight line 16.67% straight line IO% straight line 4% straight line Heatin8 installation, pipes, radiators Heating installation. boiler. extractor fans Roof and roof strutture External doors and windows Structural walls and floors External boundaries, paths, roads, drainage, rainwater 8oods External decoration Landlord services.. alarms, ccrv, call 5y5tem. TV Professional fees Long-leasehold land is not depreciated. 171 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies (ConAU¢d1 Soclal Houslng Grant Social Housing Grants ISHGI and similarcapital grants are arnortised over the life of the strutture at 2% straight line. Other capltal grants Capital grants (other than Homes England grants) in respect of capital expenditure are treated a5 restricted income and are released to the accumulated surplus at the same rate at which the assets to which they relate are depreciated. Long.leasehold Almshouses The cost of the ori8inal Edward Mayes Trust Almshouse5 hove been fully depreciated by transfers to the Almshouses depreciation reserve. The lease expires in 2176. Penslon scheme The charity operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the Scheme. Tamatlon Edward Mayes Trust is a registered charity and as such is exempt from Corporation Taxation. 181 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Particulars of income and empenditure from Cial housing lettings 2024 2023 Income from housinz Residents. contribution Supporting People Management charges Amortised Government grants- Included in Interest receivable and other income Other income- Included in Interest retèivablè and othèr income 328.537 6.(M)O 15,442 301,892 6,000 12,679 9.060 249 6.460 2.152 359.288 329.183 Expenditure on social hou5in8 Management Routine maintenance Depreciation of housing propertie5 218.296 69,592 99,381 201.521 40,280 92,556 Total expenditure on housing 387,269 334,357 Operating deficit on social housin8 127,9811 15,1741 Activities other than soclal housing Operatin8 deficit 127,9811 15,1741 Trnstees. emoluments No remuneration was paid to the Trustees of the Charity in respect of the year-ended 31 December 202412023.. £Nill. Out of pocket expenses are re-imbursed and included within the cost category to which the expenditure related. During the year there were no expenses re-imbursed to the Trustees. Employee Inlomiatlon 2024 No 2023 No The average weekly nurnber of persons èxpressed as full-time Èquivalènt employed during the year wa5.. 2024 2023 Staff Costs: Wages and 5alarie5 Social security costs Pension costs 71,995 4,175 6,218 82,152 3,571 6,641 82,388 92,364 No employee received remuneration of more than £60.(K)O during the year12023.. None). 191 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 2024 2023 Interest recelvable and other Income Bank interest receivable Income from UK listed investments 24,736 24,215 24,736 24,215 Defltltlsurplus on ordlnary attlvitles 2024 2023 Deflcltlsurplus on ordlnary actl¥ltSes 5s stated after charg5ng- Depreclatlon: Tangible owned fixed assets 99,381 92,556 Audltors remuneratlon: In their capacity as auditors In respect of non-audit services 7,6CXJ 3,350 7,250 3,325 201 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Tangible fixed assets Long leasehold bulldlngs & impro¥ements Long leasehold land 25A Mayes Garden5 Total Cost At I january 2024 Additions Oisposals Transfer 2,097,891 72.619 80,012 382,824 2,560,727 72,619 At 31 December 2024 2,170,510 80,012 382,824 2,633,346 Deprèclatlon At I january 2024 Charge for the year 457.670 84.244 90,298 15.138 547,968 99,382 At 31 December 2024 541.914 105,436 647,350 Net book value At 31 December 2024 1,628,596 80,012 277,388 1,985,996 At 31 December 2023 1,640,222 80,012 292,525 2,012,759
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Intangible fixed assets Website Cost At l January 2024 and 31 December 2024 7.049 Amortisation At l January 2024 Charge for the year 7,049 At 31 Decembèr 2024 7.049 Net book value At 31 Oecember 2024 At 31 December 2023 221 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 Fixed asset investments 2024 2023 Movement in market value Market value blf Acquisition at C05t Disposals at book value Net 8ain on revaluations in the year 1.318.597 259.465 1194,3871 18,634 1,169.283 389.961 1321,2101 80,563 Market value at the year-end 1,402,309 1,318,597 Historical cost at the year-end 1,145.137 1,089.413 Analysls of Investments at 31 December 2024 between reserves Total Rèsèrves Total Reserves 2023 A¢cumulatèd Surplus Rèstrlttèd Reserves 2024 Llsted Investments UK quoted fixed interest UK quoted shares UK unit trusts Investment and unit trust5 145,418 232,758 127.941 896,192 145,418 232,758 127.941 896,192 151,127 270.039 89.551 807,880 1,402.309 1.402,309 1.318,597 io. Debtors 2024 2023 Other debtors Prepayments and accrued income 226,063 15,267 241,370 11.693 241,330 2S3,063 Within Other debtors are lon8-term loan5 of £216,22512023.. £227,275) owed from Elizabeth Stopford for Almshouses and Whitele88 Almshouses. which are both Charities subject to a linking directive with this Charitv. ii. Current assèts investmènts 2024 2023 Cash on short-term deposit 9.429 18,784 231 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 12. Creditors.. Amounts falling due within one year 2024 2023 Almshouse Association loan Accruals and deferred income Unamortised Government granis Other tax and social security Retention fee re.. Maye5 Garden5 5,250 22.765 9.060 5,738 6,563 12,680 6.460 14.677 8,318 42,813 48.698 13. Crèdltors.. Amounts falllng duè after more than onè year 2024 2023 Almshouse Association loan Unamortised Goveinmènt grants 9.563 284.130 13,500 295.790 293,693 309,290 The loans from the Almshouse Association are unsecured. interest free and repayable in instalments due as follows.. 2024 2023 In one year or less Between one and two years 5,250 9,563 6,563 13.500 14.813 20,063 2024 2023 Unamort5sed Government 8rantS At the start of the year Received in the year Released to income in the year 302,250 298,386 32,500 128.6361 19.0601 At the end of the year 293.190 302.250 Amounts due to be released < l year Amounts due to be released > l year 9,060 284.130 6,460 295,790 293,190 302,250 241 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 14. Restricted reseThies BalantÈ at l January 2024 Transfèr Balance at tollfroml 31 December reserves 2024 Surplus for the year Grants received Income and expenditure Capital expenditure 2.859.616 416,905 54,476 26,231 126,2311 2,940.323 390,674 3.276.521 54.476 3,330.997 The income and expenditure reseThè can only be used in a¢¢ordance with the requirements of the Edward Mayes Trust. The capital expenditure reserve is for grants received towards the repair, upgrade and maintenance of the properties. 15. Contlngent Ilabllltles There are no known contingent liabilities arising from contractual disputes12023.' £Nill. 16. Leglslatlvè provlslons The Charitable Company is registered in England and Wales with Companies House (Company number 0929S3521, the Charity Commission Icharity number 11663181. The Charitable Companvs registered office is Mayes Gardens. Harrison Street. Ancoats. Manchester. M4 7FN. These financial statements consolidate the results of Yhe Edward Mayes Trust, which holds the permanent endowment and has the liability for grants received. It is this charity which is registered as a Social Housing Provider, with registration number 4767. 17. Unlts In management 2024 No. 2023 No. Houslng accommodatlon- Supported Housing: At the end ol the year 50 48 18. Capltal commltmènts 2024 2023 At 310ecember 2024 the company had capital commitments as follows: Mayes Gardens refurbishment 19. Pension scheme The Trust operates a defined contribution scherne for its employee5. The costs for the year were £6,21812023'. £6,641). There were no prepaid or outstanding contributions at 31 December 2024. 251 Page
EDWARD MAYESTRUST Notes to the Financial Statements For the year ended 31 December 2024 20. Grants and financial assistance 2024 2023 Total accumulated Government grants received at 31 December 2024 302,250 308,710 Held a5 unamortlsed capital grant5 Recognised as income in the Statement of Comprehensive Income 293.190 9,060 302.250 6,460 302.250 308.710 21. Analysls of net assets by lund Restrlrted Income and Restricted empendlture capStal fund fund 2024 2024 Restrlrted income and Restricted Totsl funds èxpendlturè capltal fund Totsl funds 2024 fund 2023 2023 2023 Fixed assets Current assets 2,997,631 281,097 142.8131 390,674 3,388.305 281.097 142.8131 2,920,720 303.153 148.6981 410,636 3,331,356 303.153 148.6981 Non-current 1293,6931 1293,6931 1309,2901 1309,2901 2,942,222 390,674 3,332,896 2,865,885 410,636 3,276,521 21. Members. Ilabllliy The company is limited byguarantee, not havin8a share capital. and consequently the liability of the members is limited to a sum not exceeding £10 being the amount that each member undertakes to contribute to the assets of the Charity in the event of it bein8 wound up whilst they are a member or within one year after they cease to be a member. 22. Related party transactlons During the year the Charity received management charges as follows from charities which are considered to be related parties due to the Edward Maye5 Trust being a corporate Trustee '. Charity Known a5 the Sale Almshouses £3.290 12023.. £2.8901. Elizabeth Stopford for Almshouses £2.144 12023.. £1,990), Mrs Lum's Charity £3.53012023.. £3.4761. The Ingham's Almshouses £2.44412023.. £2.1021. and Whitelegg Almshouses £2,55012023.. £2.2221. At the year-end an amount of £180,0(X)12023- E190.(KK)I was due from Elizabeth Stopford for Almshouses, and £36,22512023.. £37.2751 was due from Whitelegg Almshouses. These two Charities are considered to be related parties as they have Trustees in common with this charity. 261 Page